CARG vs SPY: Correlation
CarGurus, Inc. (CARG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARG and SPY?
On 3 years of weekly data the CARG/SPY correlation comes out at 0.41, moderate. The past 12 months show a weaker link (0.23) than the 3-year average (0.41). The 5-year figure is 0.42, and annualized covariance runs at 233.2 %².
Among the 17 assets we track against CARG, SPY ranks #12 by 3-year correlation. On 12-month performance SPY holds a 14.5-point edge, +6.1% against +20.6%. Note the risk asymmetry: CARG runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CARG vs SPY: side by side
| CARG (CarGurus, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.1% | +20.6% |
| 5-year return | +17.1% | +82.4% |
| Volatility (ann.) | 39.4% | 14.5% |
| Beta vs S&P 500 | 1.12 | 1.00 |
| Max drawdown (3Y) | -37.9% | -18.8% |
| Market cap | $3.2B | – |
| P/E (trailing) | 18.6 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CARG | SPY |
|---|---|---|
| 2022 | -58.4% | -18.2% |
| 2023 | +72.4% | +26.2% |
| 2024 | +51.2% | +24.9% |
| 2025 | +5.0% | +17.7% |
| 2026 | -5.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARG and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CARG and SPY?
As of 2026-08-27, the correlation of weekly returns between CARG and SPY is 0.41 over 3 years, 0.23 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for CARG?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CARG correlations · SPY correlations
